As we have entered into mining more aggressively, we have stepped up our spending for mineral investigation and development. While this is a substantial charge against current profits, it is a necessary activity to brighten our future. Finding a new mineral deposit requires great skill, a courage to gamble money that may be lost, and a little bit of luck, and I believe that we have had our share of all three. We are continuing to explore for new minerals both in North America and in Australia, and perhaps our most promising prospect is the copper deposits located on Vancouver Island in British Columbia and mentioned in our Annual Report. The results in our drilling to date lead us to be encouraged about this prospect but closer spaced drilling will be required before we can determine the extent and nature of the mineral reserve. A heavy program of work is scheduled for this year and we have good reason to be optimistic about the outcome. All of my remarks thus far have dealt with the new mining ventures that have caused Utah's profits to expand extensively since 1949. However, appropriate credit must also be given to our land development activities which got under way around 1951 and have grown in magnitude since that time. In the beginning we approached land development from a construction man's viewpoint. The first ventures were the construction of income-producing buildings on land acquired for the purpose, taking our construction profits in the form of equity in the hope of ultimately realizing a capital gain. Later we purchased land unusable in the form that we acquired it with the thought of utilizing our earthmoving skills to -14-